Tag: #Economy
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PTAD PAYS 3.82BN NAIRA PENSION ARREARS TO OVER 30,000 RETIREES
The Pension Transitional Arrangement Directorate (PTAD) has disbursed N3.82 billion in pension arrears to 30,356 pensioners under the Defined Benefit Scheme (DBS). PTAD Head of Corporate Communications, Olugbenga Ajayi, said in a statement that the beneficiaries were drawn from the Parastatals Pension Department, Defunct and Transferred Agencies Pension Department, and Tertiary, Education and Health Pension…
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NIGERIA EXCEEDS OPEC QUOTA FOR THIRD CONSECUTIVE MONTH
Nigeria exceeded its Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota for the third consecutive month in July 2026, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The commission said in its July production report that Nigeria produced an average of 1.505 million barrels of crude oil per day, alongside 0.17 million…
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U.S. IMPOSES NEW TARIFFS ON NIGERIA, 80 OTHER COUNTRIES OVER FORCED LABOUR CONCERNS
The United States has announced new import tariffs of 10 and 12.5 per cent on goods from more than 80 countries, including Nigeria, citing concerns over alleged forced labour in global supply chains. The new measures, which take effect on Friday July 24, replace the earlier 10 per cent global duty introduced by President Donald…
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SAO TOME’S REJECTED OIL BIDS HIGHLIGHT URGENT DIVERSIFICATION LESSONS FOR NIGERIA
The decision by Sao Tome and Príncipe to reject bids for three offshore oil blocs is raising important questions about the future of oil investment and what it means for Nigeria’s economy. Despite offering investors highly attractive terms, including up to 85 per cent ownership stakes, the Central African nation received bids from only two…
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NIGERIA EXCEEDS OPEC OIL PRODUCTION QUOTA AS OUTPUT HITS 74-MONTH HIGH
Nigeria’s crude oil and condensate production rose to an average of 1.735 million barrels per day (bpd) in June 2026, marking the fourth consecutive month of growth and pushing the country above its Organisation of the Petroleum Exporting Countries (OPEC) production quota. Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that crude…
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EXPERTS WARN AGAINST SHUTTING SOUTH AFRICAN FIRMS OVER XENOPHOBIC ATTACKS
Business professionals and media experts have cautioned against calls to shut down South African companies operating in Nigeria, warning that such a move could inflict greater economic harm on Nigeria than on South Africa. Their comments follow renewed public outrage over xenophobic attacks on Nigerians and other African nationals in South Africa. The stakeholders were…
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JIGAWA OKRIKA MARKET: PRICES SOAR, LOW PATRONAGE AMID RISING TRANSPORT COSTS
As transport fares rise, driven by petrol price hike, some second-hand clothing traders in Dutse, Jigawa have expressed concern over low patronage. Thrift wears (also called Okrika) are pre-owned or second-hand garments imported into Nigeria from Europe, America, and Asia. They remain popular due to their durability, affordability, and unique styles, and are mainly found…
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FG, WORLD BANK, INTENSIFY EFFORTS TO STRENGHTEN PUBLIC PROCUREMENT SYSTEM
The Federal Government has intensified efforts to strengthen transparency, accountability and professionalism in public procurement with the approval of seven new zonal offices for the Bureau of Public Procurement (BPP). This is contained in a statement by the Head of Press and Public Relations, BPP, Zira Nagga, in Abuja on Monday June15. Nagga said that…
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OBI CALLS FOR URGENT MEASURES TO ENSURE ECONOMIC WELL-BEING IN NIGERIA
Presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi, has called for urgent measures to create a more business-friendly environment, and to drive entrepreneurship and economic growth. He made this call on Saturday June 13 at This Generation Project 2026, the annual conference of Summit Bible Church in Abuja, themed “Thriving in the…
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TINUBU ON JUNE 12: NIGERIA MUST TURN DEMOCRACY INTO PROSPERITY
President Bola Ahmed Tinubu has called on Nigerians to move beyond celebrating democratic gains and focus on achieving economic prosperity. In his Democracy Day address on Friday June 12, marking 27 years of uninterrupted civilian rule in Nigeria, Tinubu said the heroes of the June 12 struggle secured democratic governance, while the task before the…
